On his first day back in the White House, President Donald Trump took immediate action to advance his 'drill, baby, drill' agenda aimed at boosting US oil and gas production. Trump signed a declaration of a national energy emergency, along with executive orders designed to accelerate permitting for energy projects including pipelines and power plants.

The president's energy plan includes opening up Alaska for oil and gas exploration, reversing restrictions put in place by the Biden administration. Trump stated his intention to use America's vast oil and gas reserves, promising to lower energy prices and increase exports globally.

Trump also signed orders to end leases for wind farms, withdraw from the Paris Climate Accord, and cancel electric vehicle mandates. The White House indicated plans to boost supplies of non-fuel minerals as well.

However, energy analysts note that US oil and gas production are already at record levels. The CEO of ExxonMobil suggested Trump's policies may have limited impact on near-term production, as the industry is currently focused more on returning money to shareholders than investing in new projects.

Trade experts have warned that Trump's proposed tariffs on imports could potentially raise consumer prices and spark inflation. The president has denied these concerns, stating his policies will make the US 'rich as hell' by bringing manufacturing back.

While Trump pushes to expand fossil fuel production, he faces headwinds from the clean energy transition already underway. The Biden administration's climate policies have spurred significant investment in renewable energy manufacturing. Unwinding these initiatives could undercut job creation in emerging clean tech industries.

As Trump sets an aggressive pro-fossil fuel agenda, the energy sector will be watching closely to see how quickly and extensively these policies can be implemented, and what impact they may have on US energy production and global markets in the coming months and years.